EnergyAustralia signs wind farm offtake agreement
Renewable energy developer Genex Power Limited has entered into a 10-year power purchase agreement with EnergyAustralia for the 258 MW Kidston Stage 3 Wind Project (K3W), through Genex’s wholly owned subsidiary K3W Project Co. Pty Ltd.
This follows the first offtake Genex signed with EnergyAustralia, for the 250 MW Kidston Pumped Storage Hydro project in 2020.
The two projects form part of Genex’s flagship Kidston Clean Energy Hub, located in north Queensland, which will integrate large-scale solar generation with pumped storage hydro. The Kidston Clean Energy Hub comprises the operating 50 MW stage 1 Solar Project (KS1) and the 250 MW Kidston Pumped Storage Hydro Project (K2-Hydro), with potential for further multi-stage wind and solar projects.
K3W is being developed by Genex in a 50:50 partnership with Electric Power Development Co., Ltd (J-POWER).
The agreement with EnergyAustralia secures the offtake of 30% of the K3W project’s output of wind energy and large-scale generation certificates at a fixed price, over a 10-year term from commencement of operations. (The fixed price is subject to annual escalation in accordance with movements in the consumer price index.)
“The execution of this power purchase agreement with EnergyAustralia represents a significant milestone for the development of the 258 MW Kidston Stage 3 Wind Project, the third stage of the Kidston Clean Energy Hub,” said Genex CEO Craig Francis.
“Securing 30% of the offtake capacity of the project with such a high-quality partner in EnergyAustralia signifies a material step in mitigating project risk.”
EnergyAustralia Managing Director Mark Collette said the energy retailer and generator was pleased to expand its successful partnership with Genex by supporting the Kidston Stage 3 Wind Project, which would bring it a step closer to its goal of up to 3 GW of renewable energy committed or in operation by 2030.
“Both Kidston Wind and the Kidston Pumped Storage Hydro Project are important steps in delivering EnergyAustralia’s purpose to lead and accelerate the clean energy transformation for all,” Collette said.
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